#比特币市场结构分析 Years of market observation have made me realize that Bitcoin is definitely not a fleeting bubble. Having experienced multiple cycles of sharp rises and falls over 17 years, it continues to set new highs, and this resilience is enough to prove its unique value. The recent correction is more like a adjustment after last year's excessive rise. In the long term, the annualized return remains around 50%, which is quite impressive.

Although both Bitcoin and tulips are non-productive assets, their market structures are completely different. Tulips were just a one-time frenzy, while Bitcoin has formed stable cyclical fluctuations. This makes me think of traditional safe-haven assets like gold—perhaps Bitcoin is evolving towards a store of value.

For copy trading strategies, I recommend choosing different trader combinations based on individual risk preferences. Conservative traders can focus on long-term holders, while aggressive traders can follow short-term experts. The key is to strictly implement stop-losses to avoid being dragged down by a single position. After all, even the best traders can have losses, and diversification is always the winning rule.